India-US: Stronger Relations
After the administration of the new President Joe Biden in the United States, there is a possibility by experts that Indo-US economic ties will be deeper than before. Both countries can benefit from mutual cooperation on various aspects like GDP, employment and production in the economic sector.
India-US Economic Relations: Related Facts
With the change in India's economic policy in the 1990s, there was a vast improvement in Indo-US economic relations.
The US has been an important trading partner of India in the goods and services trade for the last two decades. In the year 2018, there was a record trade of $ 142.6 billion between the two countries.
In the year 2019-20, India imported a total of $ 7 billion from the US, while exporting $ 53 billion to the US.
The annual compound growth rate (CAGR) in bilateral trade between the two countries was 7.7% between 2014-2019. If the bilateral trade of the two countries grows by 11.9% CAGR, by the year 2036, the trade target of $ 500 billion between the two can be achieved.
India generally remains in a state of trade surplus with the US. While India's trade surplus was $ 5.2 billion in the year 2001-02, it has increased to $ 17.3 billion in the year 2019-20.
Additionally, the US is the fifth largest source of foreign direct investment in India.
Key areas of cooperation
Both India and America have direct economic interests. Also, the economies of the two countries also complement each other, such as - if America is economically prosperous, India is full of human resources and intellectual property; If the US has advanced technological capability, India is endowed with manufacturing capability. Therefore, both countries can fulfill economic interests through cooperation in various fields.
Cooperation in the field of prevention and prevention of Kovid-19 epidemic
The two countries can cooperate in the prevention, diagnosis and treatment of global epidemics. However, India-US are already collaborating on the manufacture and distribution of covid vaccines globally.
Currently, India has emerged as the center of vaccine distribution in the world. It will also revive the 'US-India Health Dialogue' and increase mutual cooperation on health services. Therefore, there is a need now that America should trust the policies related to intellectual property rights of India.
Business cooperation
To give greater scope to trade relations, India-US should search for easy options, free trade agreement can prove to be an important option in this direction.
The meetings of the 'US-India Trade Policy Forum' should be re-conducted and the Trek-2 group talks should be organized to consider the issue like market access.
Also, under the General Priority System (GSP), Indian products should also consider the revival of duty exemption, which will increase Indian exports.
To strengthen economic relations, India and the United States will have to explore new opportunities by solving the already existing economic and trade related issues.
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